Assets Held for Sale and Discontinued Operations

6 Months Ended

Jun. 30, 2013

Assets Held for Sale and Discontinued Operations

5. Assets Held for Sale and Discontinued Operations

Held for Sale

As of June 30, 2013, we had land and two operating properties that met the criteria to be classified as held for sale. The amounts included in held for sale, as of June 30, 2013, include real estate investment balances and the related assets and liabilities for each property.

Discontinued Operations

During the six months ended June 30, 2013, we disposed of 20 operating properties aggregating 1.9 million square feet to third parties. During all of 2012, we disposed of land, land subject to ground leases and 200 operating properties aggregating 27.2 million square feet to third parties.

The operations of the properties held for sale or disposed of to third parties and the aggregate net gains recognized upon their disposition are presented as Discontinued Operations in our Consolidated Statements of Operations for all periods presented. Interest expense is included in discontinued operations only if it is directly attributable to these properties.

Discontinued operations are summarized as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Rental income and recoveries	$	643		$	24,351		$	2,671		$	59,453
Rental expenses		(478	)		(8,597	)		(1,245	)		(18,178	)
Depreciation and amortization expense		(447	)		(9,022	)		(1,388	)		(21,287	)
Interest expense		(12	)		(459	)		(87	)		(937	)
Income (loss) attributable to disposed properties and assets held for sale		(294	)		6,273			(49	)		19,051
Net gains on dispositions		13,467			9,874			19,301			21,123
Total discontinued operations	$	13,173		$	16,147		$	19,252		$	40,174